More so than ever, there is a need for consumers to understand how financial services work and what they can do to maximise their own income, savings and investments. In this report, Mintel reviews the importance of understanding financial information and consumers’ reaction to it.

Economic and social factors, such as a decrease in the state pension and increasing life expectancy, have contributed to confusion about financial information. Consumer research shows that individuals are not as financially aware, despite the volume of information they receive.

More so than ever, there is a need for consumers to understand how financial services work and what they can do to maximise their own income, savings and investments. In this report, Mintel reviews the importance of understanding financial information and consumers’ reaction to it.

Economic and social factors, such as a decrease in the state pension and increasing life expectancy, have contributed to confusion about financial information. Consumer research shows that individuals are not as financially aware, despite the volume of information they receive.

Along with extensive consumer data, this report compiles valuable information related to all aspects of the financial sector. Mintel provides analysis on the role of banks and the need for financial products to be sold actively rather than passively. Competition within the market is researched, showing major providers are increasing their advertising expenditure to promote themselves and brand build.

It is clear that many consumers perceive financial products as being complex and awareness among many is low. How can this be corrected in the future?